IGM Biosciences (NASDAQ:IGMS) Shares Down 2.9%

IGM Biosciences, Inc. (NASDAQ:IGMS) shares traded down 2.9% on Monday . The company traded as low as $8.82 and last traded at $8.95. 16,034 shares changed hands during mid-day trading, a decline of 94% from the average session volume of 278,749 shares. The stock had previously closed at $9.22.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on IGMS shares. Wedbush restated an “outperform” rating and issued a $20.00 price target on shares of IGM Biosciences in a research report on Thursday, May 9th. Royal Bank of Canada raised IGM Biosciences from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from $9.00 to $21.00 in a research note on Friday, February 9th. Finally, HC Wainwright reissued a “neutral” rating and issued a $12.00 price objective on shares of IGM Biosciences in a report on Thursday, April 18th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $17.89.

IGM Biosciences Stock Performance

The business’s 50-day simple moving average is $9.14 and its two-hundred day simple moving average is $9.43.

IGM Biosciences (NASDAQ:IGMS) last issued its quarterly earnings data on Thursday, March 7th. The company reported ($1.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.05. The business had revenue of $0.65 million during the quarter, compared to analysts’ expectations of $0.95 million. IGM Biosciences had a negative return on equity of 108.07% and a negative net margin of 11,255.25%. Equities research analysts anticipate that IGM Biosciences, Inc. will post -2.47 EPS for the current year.

Insider Activity

In other IGM Biosciences news, Director Bros. Advisors Lp Baker bought 270,000 shares of IGM Biosciences stock in a transaction on Tuesday, March 26th. The shares were bought at an average cost of $8.26 per share, for a total transaction of $2,230,200.00. Following the acquisition, the director now directly owns 3,638,533 shares in the company, valued at $30,054,282.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other IGM Biosciences news, CFO Misbah Tahir sold 2,897 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $9.88, for a total transaction of $28,622.36. Following the completion of the transaction, the chief financial officer now owns 92,961 shares in the company, valued at approximately $918,454.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Bros. Advisors Lp Baker acquired 270,000 shares of the company’s stock in a transaction on Tuesday, March 26th. The stock was purchased at an average cost of $8.26 per share, for a total transaction of $2,230,200.00. Following the completion of the transaction, the director now owns 3,638,533 shares in the company, valued at approximately $30,054,282.58. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 8,191 shares of company stock valued at $80,927. 57.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On IGM Biosciences

Several large investors have recently bought and sold shares of IGMS. Price T Rowe Associates Inc. MD increased its holdings in shares of IGM Biosciences by 19.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,888,023 shares of the company’s stock valued at $37,520,000 after acquiring an additional 628,001 shares during the last quarter. Rhenman & Partners Asset Management AB increased its stake in IGM Biosciences by 275.0% in the third quarter. Rhenman & Partners Asset Management AB now owns 750,000 shares of the company’s stock valued at $6,262,000 after purchasing an additional 550,000 shares during the last quarter. Baker BROS. Advisors LP raised its holdings in IGM Biosciences by 10.8% during the first quarter. Baker BROS. Advisors LP now owns 4,088,322 shares of the company’s stock worth $39,452,000 after purchasing an additional 397,311 shares in the last quarter. Hudson Bay Capital Management LP purchased a new stake in shares of IGM Biosciences during the 3rd quarter worth approximately $1,038,000. Finally, Redmile Group LLC boosted its holdings in shares of IGM Biosciences by 3.4% in the 1st quarter. Redmile Group LLC now owns 3,072,478 shares of the company’s stock valued at $29,649,000 after buying an additional 100,936 shares in the last quarter. Hedge funds and other institutional investors own 42.79% of the company’s stock.

About IGM Biosciences

IGM Biosciences, Inc, a clinical-stage biotechnology company, develops Immunoglobulin M (IgM) antibodies for the treatment of cancer and autoimmune and inflammatory diseases. It develops Aplitabart, a Death Receptor 5 Agonist IgM antibody for the treatment of colorectal cancer; imvotamab, a CD20 x CD3 bispecific IgM antibody to treat myositis, as well as for the treatment of systemic lupus erythematosus and rheumatoid arthritis that is Phase Ib clinical trial; and IGM-2644, a bispecific T cell engaging IgM antibody targeting CD38 and CD3 proteins for the treatment of autoimmune diseases.